A high-stakes leadership dispute has erupted at tokenized real-world asset company Ondo Finance following the death of founder Nathan Allman earlier this year. His estate has accused former President and current CEO Ian De Bode of improperly attempting to take control of the firm while ownership voting rights were temporarily unsettled during probate proceedings.
Three complaints filed with the Delaware Chancery Court are seeking a legal determination over who has authority to control Ondo Finance. The filings also request that the court prevent significant corporate actions until the governance conflict is resolved.
The dispute stems from events that occurred shortly after Allman’s death in May.
According to the estate’s complaint, Allman died while serving as Ondo’s CEO, sole director, and controlling shareholder. Following his death, his voting rights became part of his estate and could not be exercised until his mother, Kathleen Allman, was officially appointed as the estate’s personal representative through Hawaii probate proceedings on June 26.
The publicly available filings do not disclose the size of Allman’s voting stake or the details surrounding his death.
The estate alleges that before the probate process was completed, De Bode assumed control by claiming Ondo’s bylaws automatically elevated him to CEO. The complaint claims he then used a voting agreement to appoint himself as the company’s sole director and proceeded with several corporate decisions, including hiring outside advisors, approving employee performance incentives, and attempting to appoint another director.
The estate argues those moves were unauthorized because Ondo’s bylaws required formal board approval to fill the CEO vacancy.
After obtaining legal authority to vote the estate’s shares, Kathleen Allman initially attempted to work with De Bode on a smooth transition rather than immediately removing him, according to court documents.
De Bode rejected the allegations in comments provided to CoinDesk, saying the lawsuit was disappointing and harmful to the company, shareholders, employees, and the broader Ondo ecosystem. He said the board had made efforts to engage with the estate in good faith and argued that the claims would ultimately be proven unfounded in court.
He also said Ondo continues to receive support from important stakeholders, including major investors and the Ondo Foundation, while the company remains committed to advancing Nathan Allman’s vision of expanding access to a more open financial system.
The estate’s filing states that Kathleen Allman later joined the board, introduced temporary governance measures to maintain normal business activities, reaffirmed De Bode’s position as president, and requested essential company information such as a shareholder list in an effort to cooperate.
However, the estate claims those attempts failed after De Bode and Ondo’s external legal representatives declined to recognize her authority or provide the requested records.
Following the breakdown in cooperation, Kathleen Allman expanded the board, appointed additional directors, and held a July 24 board meeting where she voted to remove De Bode from all company positions. She also assumed the roles of board chair and interim CEO.
The filings describe Allman’s leadership position as a temporary measure intended to stabilize the company while the board searches for a permanent replacement for Nathan Allman and ensures operations continue without disruption.
The estate is requesting an accelerated court review, arguing that uncertainty over company leadership could impact key business decisions, including contracts, spending, equity issuance, and other corporate actions.
The Delaware court has not yet ruled on the claims, and the allegations presented in the filings represent only the estate’s perspective.
Ondo’s board issued a separate statement saying it remains committed to Nathan Allman’s belief that blockchain-based markets will play a major role in the future of finance. The board said its priority is maintaining uninterrupted operations, supporting the Ondo community, and identifying a long-term successor.
Meanwhile, Ondo Finance recently announced the appointment of former Blockchain.com executive Adam Schlisman as chief financial officer.
